[UW-Madison] MHR 300: Midterm Exam || A+
Guaranteed Exam!!
Strategic Positioning: correct answers Attempts to achieve sustainable competitive advantage
by preserving what is distinctive about a company.
Three key principles underlie strategic positioning: correct answers 1. Strategy is the creation
of a unique & valuable position.
2. Strategy requires trade-offs in competing.
3. Strategy involves creating a "fit" among activities.
Strategic position emerges from three sources: correct answers - Few needs, many customers.
- Broad needs, few customers.
- Broad needs, many customers.
Five Steps of the Strategic-Management Process: correct answers 1. Establish the mission
and the vision.
2. Asses the current reality.
3. Formulate the grand strategy.
4. Implement the strategy.
5. Maintain strategic control.
Mission (Statement): correct answers Organizations purpose or reason for being.
Vision (Statement): correct answers Organizations long-term goal.
Current reality assessment (organizational assessment): correct answers To look at where the
organization stands and see what is working and what could be different so as to maximize
efficiency and effectiveness in achieving the organization's mission.
Grand strategy: correct answers Explains how the organization's mission is to be
accomplished.
3 common grand strategies: correct answers - Growth
- Stability
- Defensive
Strategy formulation: correct answers The process of choosing among different strategies and
altering them to best fit the organization's needs.
Strategic Plans: correct answers Determines the organization's long-term goals (for next 1-5
years).
Strategy Implementation: correct answers Putting strategic plans into effect.
Strategic Control: correct answers Monitoring the execution of strategy and making
adjustments, if necessary.
Tools that assess the current reality: correct answers - Competitive Intelligence
, - SWOT Analysis
- Forecasting
- Benchmarking
- Porter's model for industry analysis
Competitive Intelligence: correct answers Gaining information about one's competitors'
activities so that you can anticipate their moves and react appropriately.
Ways to gain competitive advantage: correct answers - Public prints and ads
- Investor Information
- Informal sources
Environmental Scanning: correct answers Careful monitoring of an organization's internal
and external environments to detect early signs of opportunities and threats that may
influence the firm's plan.
SWOT analysis (situational analysis): correct answers Strengths
Weaknesses
Opportunities
Threats
Organizational Strengths: correct answers The skills and capabilities that give the
organization special competencies and competitive advantage in executing strategies in
pursuit of its vision.
Organizational Weaknesses: correct answers The draw-backs that hinder an organization in
executing strategies in pursuit of its vision.
Organizational Opportunities: correct answers Environmental factors that the organization
may exploit for competitive advantage.
Organizational Threats: correct answers Environmental factors that hinder an organization's
achieving a competitive advantage.
Forecast: correct answers A vision or projection of the future.
Trend Analysis: correct answers Hypothetical extension of a past series of events into the
future.
Contingency Planning (Scenario Planning/Analysis): correct answers Creation of alternative
hypothetical but equally likely future conditions.
Benchmarking: correct answers Process by which a company compares its performance with
that of high-performing organizations.
Porter's model for industry analysis: correct answers 1. Threats of New Entrants
2. Bargaining Power of Suppliers
3. Bargaining Power of Buyers
4. Threats of Substitute Products or Services
5. Rivalry among Competitors
Guaranteed Exam!!
Strategic Positioning: correct answers Attempts to achieve sustainable competitive advantage
by preserving what is distinctive about a company.
Three key principles underlie strategic positioning: correct answers 1. Strategy is the creation
of a unique & valuable position.
2. Strategy requires trade-offs in competing.
3. Strategy involves creating a "fit" among activities.
Strategic position emerges from three sources: correct answers - Few needs, many customers.
- Broad needs, few customers.
- Broad needs, many customers.
Five Steps of the Strategic-Management Process: correct answers 1. Establish the mission
and the vision.
2. Asses the current reality.
3. Formulate the grand strategy.
4. Implement the strategy.
5. Maintain strategic control.
Mission (Statement): correct answers Organizations purpose or reason for being.
Vision (Statement): correct answers Organizations long-term goal.
Current reality assessment (organizational assessment): correct answers To look at where the
organization stands and see what is working and what could be different so as to maximize
efficiency and effectiveness in achieving the organization's mission.
Grand strategy: correct answers Explains how the organization's mission is to be
accomplished.
3 common grand strategies: correct answers - Growth
- Stability
- Defensive
Strategy formulation: correct answers The process of choosing among different strategies and
altering them to best fit the organization's needs.
Strategic Plans: correct answers Determines the organization's long-term goals (for next 1-5
years).
Strategy Implementation: correct answers Putting strategic plans into effect.
Strategic Control: correct answers Monitoring the execution of strategy and making
adjustments, if necessary.
Tools that assess the current reality: correct answers - Competitive Intelligence
, - SWOT Analysis
- Forecasting
- Benchmarking
- Porter's model for industry analysis
Competitive Intelligence: correct answers Gaining information about one's competitors'
activities so that you can anticipate their moves and react appropriately.
Ways to gain competitive advantage: correct answers - Public prints and ads
- Investor Information
- Informal sources
Environmental Scanning: correct answers Careful monitoring of an organization's internal
and external environments to detect early signs of opportunities and threats that may
influence the firm's plan.
SWOT analysis (situational analysis): correct answers Strengths
Weaknesses
Opportunities
Threats
Organizational Strengths: correct answers The skills and capabilities that give the
organization special competencies and competitive advantage in executing strategies in
pursuit of its vision.
Organizational Weaknesses: correct answers The draw-backs that hinder an organization in
executing strategies in pursuit of its vision.
Organizational Opportunities: correct answers Environmental factors that the organization
may exploit for competitive advantage.
Organizational Threats: correct answers Environmental factors that hinder an organization's
achieving a competitive advantage.
Forecast: correct answers A vision or projection of the future.
Trend Analysis: correct answers Hypothetical extension of a past series of events into the
future.
Contingency Planning (Scenario Planning/Analysis): correct answers Creation of alternative
hypothetical but equally likely future conditions.
Benchmarking: correct answers Process by which a company compares its performance with
that of high-performing organizations.
Porter's model for industry analysis: correct answers 1. Threats of New Entrants
2. Bargaining Power of Suppliers
3. Bargaining Power of Buyers
4. Threats of Substitute Products or Services
5. Rivalry among Competitors
